My Child's Education Protection Plan

Overview

• Insured: Both child and Policy Owner
• Policy Owner: Father or mother
• Child Issue Age: minimum 31 days and maximum less than 18 years
• Owner Issue Age: minimum 21 years and maximum 55 years
• Minimum Face Amount: NPR 250,000
• Maximum Face Amount: NPR 5,000,000
• Policy Term: 10-12 years 
• Premium Payment Term: Equal to policy term, 10 to 25 years  
• Payment mode: Annual, Semi-Annual, Quarterly
• Child's Coverage expiry age: 28 years
• Policy Owner's coverage expiry age: 65 years
• Maximum Policy Term limit: Child's age + Policy Term ≤ 28 years
• Maximum Policy Term limit: Owner's age + Policy Term ≤ 65 years
• Exclusions: Two Years Suicide Exclusion (only applicable to Policy Owner), War Risk Exclusion, International and Local Sanction Limitation Exclusion. Detailed terms, conditions and exclusions are included in the Policy Document.
• Face Amount means the amount of insurance that the policy provides as shown in the policy specfication schedule and from which the benefit under the policy will be determined.

Key Benefits

A participating endowment plan with regular premium payments in which the Insured will participate in profits or bonus via reversionary bonuses.

1. Death Benefits

• Death of Policy Owner:

The policy shall remain in force and on survival of Insured Child at maturity, 100% of Face Amount and accrued reversionary bonuses shall be paid at the end of policy term for both versions.

• Death of Insured Child: In case of death of Insured Child within the policy term, Death benefit is payable equal to 25% of the Face Amount and accrued reversionary bonus or premium of base policy paid amount or Surrender value whichever is higher and the Policy shall terminate automatically.
• Death of Insured Child and Policy Owner simultaneously: In case of death of Insured Child and Policy Owner simultaneously within the policy term, Beneficiary is paid equal to 100% of Face Amount and accrued reversionary bonus for the death of Policy Owner and 25% of Face Amount for the death of Insured Child.
  
• Death of Insured Child after Policy Owner's death: In case of death of Insured Child after the death of the Policy Owner within the policy term, Beneficiary is paid equal to 25% of the Face Amount and accrued reversionary bonus or premium of base policy paid amount or Surrender Value whichever is higher and the policy shall terminate automatically.

2. Maturity Benefits: On the survival of Insured Child at maturity of the policy, Face Amount and accrued reversionary bonus shall be paid to the Insured Child at the end of the policy term if the policy continues to be in-force till maturity.

3. Special Provisions: Provisions of Cash Surrenders, Policy Loan facility and Non-Forfeiture Options of Paid-Up and Automatic Premium Loan.

4.   Additional Riders for the product

• Disability Protection Rider Plus(DPR Plus): Upon permanent total disability of Policy Owner, all future premium of base policy and this rider is waived for the entire policy term. Monthly income equal to 2% of the base policy face amount will be paid every month till maturity of the policy.

1. Issue Age: 21-55 years
2. Coverage Expiry Age: 65 years

•  Personal Accident Rider Benefit: This rider pays benefits in case of death, dismemberment, and permanent total disability due to accidents up to the face amount.

1. Issue Age: 21-55 years
2. Coverage Expiry Age: 65 years

• Critical Illness Rider Benefit

This rider pays 100% or 50% of Face Amount* coverage if diagnosed with 7 Critical Diseases (Major Cancer, First Heart Attack, Stroke, Benign Brain Tumor, Serious Coronary Artery Disease, Heart Valve Surgery, and Primary Pulmonary Hypertension).

1. Issue Age: 21-54
2. Coverage Expiry Age: 60 years

The following table gives the lump sum CI benefit for various ages & terms:

*Face Amount refers to face amount of the base policy.

NIA Product Code: NIA/LI005/2080/081/CP/0010

• MCEPP
• DPR Plus-form 166
• PA-61-27
• PA-61-27 (Juvenile)
• CI Rider-39B